The Bite-Sized Guide to Mastering Property Management

Property management can be one of the more complex decisions when it comes to investing. Do you save money and ensure the job is done exactly how you want it by self-managing, or do you invest in someone with experience and save yourself time, energy, and headspace? Today’s guest, Karen Lane, breaks down property management in bite-size chunks, so whether you’re deciding between property management vs. self-management or hoping to pursue property management already, this episode is perfect for you. Karen has been in property management for commercial real estate for most of her career, so she’s seen it all—including a dead deer carcass in the middle of a shopping center parking lot. She’s worked with private investors on both coasts and internationally. Karen’s abundant experience has made her a wealth of knowledge and the perfect person to learn from. While she has thrived in the property management space, she now hopes to beat analysis paralysis and find her first investment. Karen goes over what it means to be a property manager and how to become one. She also talks about the nuances of juggling the different relationships you need to maintain as a property manager. Today’s episode is the free property management masterclass you don’t want to miss. ~~~~ Join the Real Estate Rookie Facebook Group:   / realestaterookie   ~~~~ Register for the Rookie Landlord Bootcamp: https://www.biggerpockets.com/blog/re... ~~~~ Property Management—When Is it Time to Outsource? https://www.biggerpockets.com/blog/pr... ~~~~ 5 Ways to Overcome Analysis Paralysis: https://www.biggerpockets.com/blog/20... ~~~~ The Pros and Cons of Hiring a Property Manager: https://www.biggerpockets.com/blog/pr... ~~~~ Work with Alison Properties: https://alisonproperty.com/ ~~~~ Check Out Karen’s Property Management Company: https://primaxproperties.com/ ~~~~ Connect with Karen Through Email: [email protected] [email protected] ~~~~ Connect with Ashley and Tony on BiggerPockets: Ashley: https://www.biggerpockets.com/users/e... Tony: https://www.biggerpockets.com/users/t... Episode 203 Show notes at: https://www.biggerpockets.com/blog/ro... 00:00 Intro 05:45 Property Management 101 13:34 Finding a Property Manager & Being Hands-On 19:13 How to Keep the Owner & Tenant Satisfied 24:48 Understanding Management Agreements & Fees 40:02 The Ideal Reporting Structure 46:32 Key Property Manager Characteristics & Property Retention 49:31 The Dead Deer Rite of Passage 51:25 Questions as a Hopeful First Time Investor 57:18 Rookie Rockstar #biggerpockets #realestaterookiepodcast #ep203